PartyGaming profit down 68%, CEO to leave

SimonKennedy

LONDON (MarketWatch) -- Online gambling firm PartyGaming
uk:prty
said Wednesday that its 2007 net profit fell 68% to $41.6 million due to the introduction of U.S. anti-gambling laws which forced it to stop dealing with customers in the country in late 2006. Excluding discontinued operations, the firm swung to a profit of $13.9 million from a loss of $83.4 million and revenue rose 46% to $476 million, reflecting strong growth in Europe. The firm also said that its CEO Mitch Garber doesn't intend to renew his contract when it expires on May 1, 2009 as he wants to return to North America.

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